《大行報告》美銀證券下調石藥(01093.HK)目標價至5.41元 評級「跑輸大市」
美銀證券發表報告指,石藥集團(01093.HK)第二季總收入按年增長3.8%至80億元人民幣,當中成品藥收入按年增長8.7%,而原料藥及功能性食品收入則分別跌14.4%及11.1%,純利按年跌1.5%至15億元人民幣,期內毛利率亦微跌至71.2%。
考慮到上半年集團面對銷售壓力,加上內地當局持續對醫療行業的進行打擊貪腐行動,爲行業發展帶來不確定性,美銀相應將石藥2023至2025年各年收入預測輕微下調各0.7%、0.6%及0.6%,並降今年銷售及行政開支預測,惟升今年研發開支預測;以現金流折現率計,目標價由6.19元降至5.41元,同時基於降價壓力,重申「跑輸大市」評級。
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